Stephen Simpson, CFA
Wed, Jan. 20, 9:16 AM
- 3M (NYSE:MMM) has agreed to sell its pressurized polyurethane foam adhesives business to Innovative Chemical Products Group, a portfolio company of Audax Private Equity.
- The unit is a provider to the roofing, insulation and industrial foam segments in the U.S. with annual sales of approximately $20M.
- Terms of the transaction were not disclosed.
Jun. 23, 2015, 9:18 AM
- 3M (NYSE:MMM) has agreed to acquire Capital Safety from KKR for a total enterprise value of $2.5B, including the assumption of approximately $0.7B of debt, net of cash acquired. The deal is expected to close in the third quarter.
- On a GAAP reported basis, 3M estimates the acquisition to be $0.04 dilutive to earnings in the first 12 months following completion of the transaction. Excluding adjustments and one-time expenses, 3M estimates the acquisition to be $0.12 accretive to earnings over the same period.
- Capital Safety, a provider of fall protection equipment, had approximately $430M in sales for its fiscal year ended March 31, 2015.
- KKR +0.7% premarket
Feb. 23, 2015, 7:04 AM
- Asahi Kasei (OTCPK:AHKSY) has agreed to buy Polypore's (NYSE:PPO) energy storage segment, as it seeks to expand in the energy and environment business.
- Asahi Kasei will pay $60.50 per share in cash, a 14% premium to their $52.95 close on Friday, and representing an enterprise value of about $3.2B.
- Immediately prior to Asahi Kasei’s purchase of Polypore, 3M (NYSE:MMM) will acquire the assets of Polypore’s separations media business for about $1B and Asahi Kasei will receive the cash proceeds from asset sale.
- PPO +13.2% premarket
Feb. 19, 2015, 10:23 AM
Sep. 2, 2014, 7:27 AM
- 3M (NYSE:MMM) has completed its 90B yen ($865M) acquisition of Sumitomo Electric Industries' (OTCPK:SMTOY) 25% stake in their joint venture Sumitomo 3M.
- The purchase is expected to add approximately $0.08 per share to earnings during the first year after closing.
- 3M is now the sole owner of the company which will now be known as 3M Japan.
Nov. 28, 2012, 11:16 AM
Oct. 1, 2012, 7:36 AM
Sep. 19, 2012, 3:59 PM3M (MMM +0.3%) is the latest major company to caution about the economic outlook, as CEO Inge Thulin says its initial 7%-8% revenue growth forecast is now a "stretch target... The market has changed since that target was put in place. It was done in a different economic environment." The weak economy is making M&A targets more attractive, Thulin adds. (earlier) | Sep. 19, 2012, 3:59 PM | 3 Comments
Sep. 19, 2012, 9:28 AM
3M (MMM) is working to overcome the DOJ's antitrust concerns about the company's proposed $550M purchase of the office products unit of Avery-Dennison (AVY), 3M CFO David Meline tells investors. Earlier this month, the DOJ threatened to go to court to block the acquisition.| Sep. 19, 2012, 9:28 AM | 1 Comment
Sep. 5, 2012, 10:45 AM
Conflicting with earlier statements by both companies, the DOJ says 3M (MMM +0.1%) has in fact abandoned its planned acquisition of Avery Dennison's (AVY -0.7%) office and consumer-products business after the Feds promised to aggressively follow through on their antitrust lawsuit. The agency asserted that the deal would have harmed competition in the sale of labels and sticky notes. Company representatives have not yet released any official confirmation.| Sep. 5, 2012, 10:45 AM | 1 Comment
Sep. 5, 2012, 8:57 AM
3M (MMM) said late yesterday that it's not abandoning its $550M acquisition of Avery Dennison's (AVY) office products unit after the DOJ said earlier that the companies were dropping the deal due to threats of litigation from antitrust authorities. 3M said the firms are studying how to address the DOJ's concerns, which consist of lower competition in the market for labels and sticky notes.| Sep. 5, 2012, 8:57 AM
Sep. 4, 2012, 4:03 PM
The DOJ is seeking to block 3M's (MMM -1%) $550M takeover of Avery Dennison’s (AVY -5.2%) office-products unit, threatening a lawsuit if it doesn't abandon the transaction. The agency is ready to move to block the merger as soon as the end of this week. As it stands, the deal - which was announced over eight months ago - would combine the two largest label makers in the world.| Sep. 4, 2012, 4:03 PM
Jun. 21, 2012, 6:20 PM
How much can a $110M acquisition move the needle for a $60B company? 3M (MMM -0.9%) thinks it's a small price to pay for entry into the $3B electronic tolling industry expected to grow 12% a year "as government agencies increasingly rely on tolling to fund roadway infrastructure." Meanwhile, Federal Signal (FSS +18.8%) sold the unit for almost double the amount analysts expected.| Jun. 21, 2012, 6:20 PM
Jun. 21, 2012, 8:32 AM
Federal Signal (FSS) agrees to sell its FSTech business, which makes hardware and software used in electronic tolling, parking and access control and law enforcement, to 3M (MMM) for $110M in cash. FSS says the move is aimed at reducing outstanding debt, which totaled $235M at the end of March.| Jun. 21, 2012, 8:32 AM | 1 Comment
Jan. 3, 2012, 8:18 AM